Most Affordable Metros in the United States: September 2022

The desire for space and more affordable housing has led people to sprawl far and wide from their home cities, even while keeping a job there. The latest population trend finds people ditching larger metros for smaller, more affordable areas. As a result, huge and notoriously expensive cities like New York, Chicago, San Francisco and Los Angeles are losing population rapidly, while small to mid-sized metros are experiencing significant growth.

Rent prices are a major factor for deciding where to settle, as rent is often the largest monthly bill. Of the country’s 10 most affordable metros, six come in at a median rent of less than $1,500 per month, with the remaining four less than $1,600. By comparison, renters in many of the larger metros pay rents at double that amount, often more.

To determine which metros are the most affordable, Rent. examined data for the top 50 largest metros by population. This data included the median rent for all bedroom types (studio, one-bedroom, two-bedroom, three-bedroom), year-over-year percent change and dollar amount increase. Some particular findings stood out from the pack.

Takeaway No. 1: Oklahoma City, OK, is the most affordable metro

The Oklahoma City metro boasts the cheapest monthly median rent by more than $150. With median rents at $1,260, it’s far less expensive than the second-place contender, Louisville/Jefferson County, KY. The state capital and its surrounding areas are home to more than 1.4 million people and counting. Job prospects, great schools and quality-of-life aspects, like green space and close-knit communities, lure many to the area. However, rents in Oklahoma City metro area took the largest jump on this list, at a 24.14 percent increase year-over-year.

Compared to the O.K.C. metro, Louisville/Jefferson County, KY’s, metro area is pricier, but not by very much. With an average monthly rent of $1,412, it’s $6 less expensive per month than the third most affordable metro, San Antonio/New Braunfels, TX. The latter saw a price hike of 12.54 percent over the last year.

Takeaway No. 2: Ohio leads the list with two of the most affordable metros

The Buckeye State is the only state that appears twice on the list of most affordable metros. The metro of Cleveland–Elyria, OH, took the sixth spot, and is the last one on the list with average rents of less than $1,500, but just barely ($1,499.75). Rents in the Greater Cleveland area are down slightly, month-over-month, while rents, year-over-year, are up slightly. The metro’s more than 2 million residents and counting appreciate the northeast Ohio area’s location on Lake Erie, as well as the affordable cost of living and mild summers.

The Columbus, OH, metro managed to squeak into the 10th-place spot on the list. Average rents in the Arch City are $1,558.25 per month, up 3.16 percent year-over-year. It’s possible that these low rents could wind up going higher, however, as the Columbus metro is increasingly developing a reputation as a great place for young couples and singles, thanks to its nightlife and thriving tech industry.

Takeaway No. 3: Rent prices in all of these metros are increasing

Just under $300 separates the most affordable metro on this list (Oklahoma City) from the 10th spot (Columbus), in terms of average monthly rent. However, all of the metro areas on the list have one thing in common: rent prices are rising. They’re all up year-over-year, but as already mentioned, the largest movement by a significant margin is Oklahoma City with an uptick of 24.14 percent. The Indianapolis-Carmel-Anderson, IN metro took a dubious second place with a rent increase of 17.92 percent year-over-year, followed by the Louisville/Jefferson County, KY metro with a 17.52 percent increase.

The Memphis, TN, metro area had the smallest month-over-month increase at only 0.10 percent, followed by the Buffalo–Cheektowaga, NY metro at 0.57 percent. Although the rent increases are not exactly dealbreakers, any decreases are equally modest, and not likely to impact the household budget that much. The largest month-over-month decline is a scant 1.3 percent in the Columbus, OH, metro for cost-savvy renters.

The next wave of big metros?

With inflation, gas prices and many other costs at historic highs, many people are seeking metro areas that allow the dollar to stretch further. Only time will tell if people will continue to exit large metros in favor of these more budget-friendly options.